Related Posts
As of now, **31 of the top 100 tokens are down over 90%** from all-time high, and in total **69 (nice) of the top 100 are down over 80%**. Major names in the crypto space have already fallen including the Luna Foundation, Three-Arrows Capital, Celsius, Bancor, and there will inevitably be others. **”When the tide goes out, you find out who has been swimming naked”**.
The crypto market is more closely correlated to the S&P 500 and thus the United States Federal Reserve than it ever has been in history, as evidenced by the sell-pressure in the markets the same day they announced tightening of liquidity by the **highest margin in 40 years**.
It is a fearful and emotional time for many, but I say this to show that the market as a whole is suffering from major macro elements, and we are not alone in this. Our team is still meeting daily with a variety of projects and partners to discuss how to adjust and prepare for a potential long-term downturn so that we can be ready to ride the wave back up when it inevitably returns. **We have delayed certain elements of Phase 9**, such as incorporating the **Phase 9.3 Fee structure**, and **fast-forwarded** other elements such as our **free-gas Skale blockchain** which is currently in the final stages of testing and preparation. ** Gen-2 Characters** are also pushed back while we wait on the market to settle, as it is a major change to the ecosystem and not something we want overshadowed by macro conditions.** Special Quests** are in the final stage of development, which is a really unique take on** incentivizing users who hold external NFTs to come check out CryptoBlades** and redeem NFT rewards. For example if a project goes bust and there are ten’s of thousands of users holding now useless NFTs, we can help them **recoup even a small portion of their losses** and begin earning in CryptoBlades. There are many creative ways we can use this feature, and it has **never been more relevant** than it is today.
Finally, we will be announcing a **soft-launch for Skale** soon that will be exclusive to discord users. During this time, we will be collecting feedback, performing stress-testing, and monitoring the variety of services involved with new chain deployments, as well as a new token-bridging service that is required as a result of us utilizing our own smart chain. **After we confirm all services are running and stable, Skale will be made available to everyone**. This is one of the most important and impactful features we have ever developed, and we want to make sure it goes smoothly for the community when it goes live.
**We are just getting started** and have way more in the pipeline that I can’t wait to share with you. Love you all, and let’s frickin go.
kroge
@everyone
— This material was sourced from the official CryptoBlades discord.